Here are Thursday’s biggest calls on Wall Street:
JPMorgan reiterates Alphabet as Overweight
JPMorgan maintains its Overweight rating on Alphabet following earnings. The firm notes that the stock’s sharp decline highlights the limited margin for error when a hyperscaler invests hundreds of billions of dollars in AI infrastructure while facing negative free cash flow and disappointing results in its core business.
StoneX reiterates Nvidia as Buy
StoneX maintains its Buy rating on Nvidia, highlighting the company's expanding network of customer investments and financing arrangements. The firm points to Broadcom-backed financing for Anthropic's computing needs as an example of how large-scale AI deployments are increasingly funded through complex financing structures rather than buyers' balance sheets alone.
Goldman Sachs reiterates Apple as Buy
Goldman Sachs maintains its Buy rating on Apple, highlighting its latest MacBook, iMac, and iPad announcements featuring next-generation M6 and A20 Pro processors. The firm expects new products, broad-based price increases, and a favorable premium-product mix to support revenue growth and competitiveness despite near-term supply constraints and weakness in the PC and tablet markets.
Bank of America reiterates Tesla as Buy
Bank of America maintains its Buy rating on Tesla with a $460 price target. The firm sees robotaxis becoming a meaningful earnings driver by the end of 2027 and views a potential merger with SpaceX as additional upside optionality.
Bank of America reiterates Microsoft as Buy
Bank of America raises its price target on Microsoft to $630 from $600 following Wednesday’s earnings report. The firm highlights Azure growth of 48% year over year in constant currency, approximately 300 basis points above expectations, and second-quarter guidance of 49%–50%, versus the Street’s 45%.
JPMorgan initiates Palantir as Overweight
JPMorgan initiates coverage of Palantir Technologies with an Overweight rating and a December 2027 price target of $262, implying more than 30% upside from recent levels. The firm also adds the stock to its focus list.
Wells Fargo reiterates Oracle as Overweight
Wells Fargo maintains its Overweight rating on Oracle following the company’s AI World event. The firm highlights Oracle’s hardware-agnostic AI strategy and says its investor day addressed key concerns by reaffirming long-term targets and providing greater visibility into funding, capital expenditure plans, and the path to positive free cash flow.
Goldman Sachs reiterates ServiceNow as Buy
Goldman Sachs maintains its Buy rating following ServiceNow’s earnings report. The firm says a sustained valuation rerating will depend on the company’s ability to translate its position in the enterprise AI stack into incremental revenue growth, with stabilizing organic growth and upward earnings revisions serving as key indicators.
Morgan Stanley names Carvana a Top Pick
Morgan Stanley names Carvana a Top Pick following its earnings report, citing improving growth visibility, an attractive setup, and compelling risk-reward. The firm maintains its $88 price target.
William Blair initiates Chevron as Outperform
William Blair initiates coverage of Chevron with an Outperform rating, citing the company’s differentiated upstream and downstream portfolio, strong cash margins, record earnings, and free cash flow generation.
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